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Gift Planning Services Manager’s Minute

June 2019

The Church of Jesus Christ of Latter-day Saints – Philanthropies

President Russell M. Nelson of the Church of Jesus Christ of Latter-day Saints made the following statement regarding the name of the Church:
The Lord has impressed upon my mind the importance of the name He has revealed for His Church, even The Church of Jesus Christ of Latter-day Saints. We have work before us to bring ourselves in harmony with His will. In recent weeks, various Church leaders and departments have initiated the necessary steps to do so. …

In alignment with President Nelson’s direction, we have moved forward from the LDS Philanthropies name you have known us by and will now be called The Church of Jesus Christ of Latter-day Saints – Philanthropies. We may be less formally referred to as the Philanthropies Department of the Church of Jesus Christ of Latter-day Saints, or following the first full reference to our name, simply Philanthropies.

As a result, our email addresses have been changed to replace @ldschurch.org with @ChurchofJesusChrist.org.

Our website remains give.lds.org for the time being, but when it is updated later this year, we will pass along that information to each of you.

We are pleased to be in harmony with President Nelson in reflecting the emphasis on the Savior by incorporating His name into the title of our department. Our name more fully describes the mission of Philanthropies as an important link between generous donors and grateful recipients to help fulfill the Savior’s admonition to care for the less fortunate. After all, the very definition of philanthropy is “the love of mankind”. We embrace His name and His calling to serve and love others. We invite you to update your files to reflect our new contact information.

Thank you,
David Bonner

Discover BYU-Idaho’s Fundraising Priority

BYU-Idaho’s mission is to develop disciples of Jesus Christ who are leaders in their homes, the Church, and their communities. BYU-Idaho’s current fundraising priority is providing university financial aid to students in need. Although BYU-Idaho offers an education at a low cost, many students still face financial barriers to completing their degrees. To learn more about how BYU-Idaho is helping students realize their potential, and how donors can help, visit the BYU-Idaho Page at LDSP.org!

A QCD Could Solve Your Client’s RMD Problem

Starting at age 70 ½ individuals are required to start taking annual required minimum distributions (RMDs) from their individual retirement accounts (IRAs). They need to calculate the correct minimum amount to withdraw each year, and compute and pay the income tax due on the distribution, which is taxed as ordinary income, with a top tax rate of 37% for 2019. Many people don’t need the additional income and don’t welcome the added income tax burden. They may not have a choice in taking these distributions, but they do have options. One of the best options to mitigate the impact of the RMD and turn what may be a negative into a positive is the Qualified Charitable Distribution (QCD).

The QCD provision allows IRA owners age 70 ½ or older to transfer up to $100,000 from their IRAs directly to a qualified charity each year. This opportunity does not apply to distributions to Donor Advised Funds. The QCD can satisfy all or a part of the RMD for the year and won’t be included in the IRA owner’s adjusted gross income (AGI). This is especially beneficial for those who take the standard deduction because their AGI will be lower and they will receive the same standard deduction. Those who do itemize may also benefit because a QCD would lower their AGI, making it easier to qualify for some other deductions which are based on a percentage of AGI, such as the medical expense deduction. There may be additional benefits with regard to state income taxes.

There are some legislative proposals in this area that you will want to keep an eye on. Legislation is being discussed which could increase the RMD age from 70 ½ to 72. On a positive note, a retirement bill in the works in the House could include enactment of the “Legacy IRA” which would allow tax-free IRA transfers to fund charitable remainder trusts and gift annuities.

For your clients who are charitably inclined, a QCD from their IRAs may be a perfect solution to their RMD concerns.

PG Calc Webinar Invitation

Philanthropies broadcasts monthly webinars from PG Calc. These webinars may qualify for continuing education credit. We extend the invitations for any interested GPC members to join us. We hold these at 11:00 a.m. and are often followed by a Q&A session with members of the Gift Planning Services team. We are located at 1450 N. University Avenue in Provo. Here are the upcoming webinars (as well as the entire 2019 schedule):

Jun 27 Shifting the Conversation from Cash to Assets

Jul 25 The Hidden Code of End-of-life Decisions

Aug 29 Tax Info Every Gift Planner Should Know

Sep 26 Surveying Planned Giving Prospects

Gift Planning Council Conference is Back!

Please save the date for the return of the Gift Planning Council Conference in November. The dates are November 14th and 15th and the conference will once again be held at the Church Office Building in downtown Salt Lake City. Invitations will be sent out in September. Please plan to join us for an uplifting and educational time together!

Referrals!

If you have friends or colleagues that would benefit from receiving this newsletter or other Gift Planning Council correspondence, please contact David Smith at davidj_smith@ChurchofJesusChrist.org or 801-356-5251.